Home Interiors seeks approval of $5.1 million DIP facility

By Caroline Salls

Pittsburgh, May 2 - Home Interiors & Gifts, Inc. requested court approval of $5.1 million in debtor-in-possession financing, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

NexBank, SSB is the administrative agent.

Proceeds will be used for working capital and other corporate purposes outlined in a budget.

Interest will be Prime rate plus 100 basis points.

The DIP facility will mature on the earliest of 180 days from the bankruptcy filing date, on the effective date of a plan of reorganization, upon dismissal or conversion of Home Interiors' Chapter 11 case or in connection with a sale of substantially all of the company's assets.

Home Interiors will pay a $50,000 closing fee and a $5,000 per month administrative fee.

Home Interiors & Gifts is a Dallas-based integrated manufacturer and distributor of home decorative accessories. The company filed for bankruptcy on April 29. Its Chapter 11 case number is 08-31961.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.